It represents an improvement from 2013 when the economy expanded 2.9 percent from a year earlier.
In January, the BOK has lowered its 2015 growth forecast for the country's economy to 3.4 percent from an earlier estimate of 3.9 percent, citing lower-than-expected growth estimate for the fourth quarter of 2014.
The nation's GDP grew merely 0.3 percent in the fourth quarter from the previous quarter, compared with a 0.8 percent growth in the third quarter, a 0.5 percent expansion in the second quarter and a 1.1 percent gain in the first quarter.
The 3.4 percent GDP growth forecast is lower than growth rates for this year set by the government and the state-run Korea Development Institute (KDI). The government predicted 3.8 percent, 0.2 percentage point lower than its earlier estimate, and the KDI 3.5 percent, 0.3 percentage point lower than its earlier projection.
The central bank also cut its inflation forecast for 2015 to 1.9 percent from 2.4 percent.
reporter
Park Sae-jin
swatchsjp@ajunews.com
